Ministerial Support for Makuutu Mining Licence Application
Perth, Sep 11, 2023 AEST (ABN Newswire) - The Board of Ionic Rare Earths Limited (ASX:IXR) (IXRRF:OTCMKTS) is pleased to advise that The Hon Dr Ruth Nankabirwa Ssentamu, the Ugandan government minister for Energy and Mineral Development, has indicated her support for the licensing and development of IonicRE's Makuutu Heavy Rare Earths Project in Uganda.
Ionic Rare Earths Managing Director Tim Harrison met with Minister of Energy and Mineral Development, Hon. Dr. Ruth Nankabirwa Ssentamu at the Africa Down Under Mining Conference 2023 from 6-8 September in Perth.
The Minister indicated her support for IonicRE's flagship Makuutu Heavy Rare Earths Project and said the Makuutu project was one of the world's best rare earths resources.
"Uganda is committed to the development of its mining sector, in line with the Mining and Minerals Act 2022, and its 2040 Vision."
"Under this new framework, we look forward to granting approval of the mining licence application to Ionic Rare Earths Ltd. and Rwenzori Rare Metals Ltd."
This is a flagship project to establish Uganda as a strategic partner in global supply chains for heavy rare earths," the Minister said.
Australia's Minister for Resources, Madeleine King, also spoke highly of the partnership between Australia and Uganda represented by Makuutu. Minister King noted that the abundance of natural resources in African nations that help to produce critical clean energy technologies presents "great opportunities for us to work together across international borders."
"An example, because I know they're represented at this conference, is Australian company Ionic Rare Earths. Ionic Rare Earths operates in Uganda and develops rare earths from ionic clay projects."
"The company is focused on developing its flagship Makuutu Rare Earths project to become a significant supplier of critical and heavy rare earths to support the global green energy transition," Minister King said in her address on Friday morning.
Ionic Rare Earths Managing Director Tim Harrison said new laws in Uganda's mining sector had facilitated a conducive mineral investment climate.
"Uganda's new mining laws and regulations offer a clear framework for mineral development in Uganda. We welcome the Ugandan government's support for expediting approvals for the Makuutu project, reinforcing the project as one of the world's largest and most advanced development-ready heavy rare earth element assets."
About Ionic Rare Earths Limited
Ionic Rare Earths Limited (ASX:IXR) (OTCMKTS:IXRRF) is focused on developing its flagship Makuutu Rare Earths Project in Uganda into a significant long life, low-cost, supplier of high-value critical and heavy rare earths.
Makuutu is an advanced-stage, ionic adsorption clay-hosted project highlighted by near-surface mineralisation, significant exploration upside, excellent metallurgical characteristics and access to tier-one infrastructure.
The ionic adsorption clay-hosted geology at Makuutu is similar to major rare earths projects in Southern China, which are responsible for the majority of global supply of low cost heavy and critical rare earths, specifically the high value magnet metals (Dysprosium and Terbium) Heavy Rare Earths (>98% originating from ionic clays). Metallurgical testing at Makuutu has returned excellent recovery rates, which provide multiple avenues for a simple process route.
Makuutu is well-supported by tier-one existing infrastructure which includes access to major highways, roads, power, water and a professional workforce.
Rare Earths will play a critical role in the future of clean energy. Rare Earths are a key ingredient in the permanent magnets found in wind turbines and electric vehicles.
IonicRE is led by an experienced and proven team, who have the capabilities to deliver Makuutu into production and realise value for all stakeholders.